Costing Standards Accounting Standards E-Forms

The Companies Act, 1956

Winding Up (Section 425 to 560)

Section 511 Distribution of property of company.

Section 511 Distribution of property of company.

Subject to the provisions of this Act as to preferential payments, the assets of a company shall, on its winding up, be applied in satisfaction of its liabilities pari passu and, subject to such application, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.